So, if the Maui Channel accident is the only open-water claim and there are at least 2 other claims against USMS that have nothing to do with open-water events, why are open-water events carrying the burden of the premium increase?
OW events represent by far, the most liability exposure to USMS, despite the comparatively tiny number of splashes. For 35 years, they have gotten a pass on representative premiums. Not any longer.
So we are supposed to just accept this as fact while kept in the dark about non OW claims details?
I haven’t seen any risk assessment identifying the probability of occurrence of known or unknown incidents. So at this point, I don’t believe there is a quantifiable answer to this question.
Based on this discussion, it seems I was under a mistaken impression from the outset. USMS decided to levy a surcharge on OW events, which may put some of these events out of business, because.... in the opinion of USMS leadership, "OW events represent by far, the most liability exposure to USMS." This opinion is apparently not supported by any quantitative risk analysis, or specific directive from an underwriter.
Did I get that right?
So, if the Maui Channel accident is the only open-water claim and there are at least 2 other claims against USMS that have nothing to do with open-water events, why are open-water events carrying the burden of the premium increase?
OW events represent by far, the most liability exposure to USMS, despite the comparatively tiny number of splashes. For 35 years, they have gotten a pass on representative premiums. Not any longer.
So we are supposed to just accept this as fact while kept in the dark about non OW claims details?
I haven’t seen any risk assessment identifying the probability of occurrence of known or unknown incidents. So at this point, I don’t believe there is a quantifiable answer to this question.
Based on this discussion, it seems I was under a mistaken impression from the outset. USMS decided to levy a surcharge on OW events, which may put some of these events out of business, because.... in the opinion of USMS leadership, "OW events represent by far, the most liability exposure to USMS." This opinion is apparently not supported by any quantitative risk analysis, or specific directive from an underwriter.
Did I get that right?
